Shangri-La Asia (HK:0069) has released an update.
Shangri-La Asia Limited, through its subsidiaries SLIM-HK and SLIM-PRC, has renewed its Hotel Management and Marketing Services Agreements with Project Co and introduced a new Proprietary Technology Services Agreement. The agreements, which are considered connected transactions as Project Co is partly owned by a substantial shareholder of Shangri-La, are exempt from independent shareholder approval but will require disclosure in future financial reports. These renewed and supplemental agreements will extend their terms and continue the provision of services to Shangri-La, Nanchang.
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